Fourth quarter fiscal 2020 income statement review showed that the revenue decreased 11 percent (down 10 percent in constant dollars) to $2.1 billion driven by lower consumer demand as a result of the COVID-19 outbreak and related government actions and regulations.

As for the full year fiscal 2020 income statement review, it showed that the revenue increased 2 percent (up 4 percent in constant dollars) to $10.5 billion. Excluding the impact of acquisitions and divestitures and on an adjusted basis, revenue increased 3 percent (up 4 percent in constant dollars), driven by VF’s two largest brands, and our International and Direct-to-Consumer platforms. Gross margin increased 70 basis points to 55.3 percent, including favorable mix shift toward higher margin businesses.

On an adjusted basis, gross margin increased 70 basis points to 55.5 percent. Operating income on a reported basis was $928 million. On an adjusted basis, operating income increased 4 percent (up 6 percent in constant dollars) to $1.345 billion.